Bayside, a 176-unit North Phoenix multifamily property was sold to ICG LLC for $46 million. Berkadia’s Dan Cheyne led the transaction on behalf of the seller, California-based MIG Real Estate, LLC. A Berkadia team led by Jeff Stuart secured $27.7 million in acquisition financing from Freddie Mac.

“Bayside presented a rare opportunity to acquire a Class A garden-style community that had received substantial capital infusion of $4.2 million dollars,” said Cheyne. “Bayside location is anticipated to continue its growth with substantial investments ($40 billion) propelled by the future Taiwan Semiconductor Manufacturing Facility (TSMC).”

Situated in the Deer Valley submarket, Bayside benefits from a strong, infill location directly off of the loop 101 & I-17 freeways. The community’s location offers residents immediate access to employment centers and retail amenities in North Phoenix including more than 140,000 jobs in the Deer Valley/I-17 employment corridor, which include major offices for several Fortune 500 companies like USAA , Cigna, Discover Financial, Honeywell and American Express.